Business
Blackbird’s $500m fund hopes for another hundred-bagger – The Australian Financial Review
The Sydney-based venture capital firm raised the record-breaking fund while revealing a 9200 per cent return on a single investment from its first fund.
Blackbird’s $500 million raise adds to a mountain of “dry powder” in Australia’s venture capital scene, after Paul Bassat’s Square Peg closed a $340 million fund in July, and Daniel Petre’s AirTree Ventures a $275 million fund last October.
However, Mr Baker was not concerned about valuations being bid up, arguing that more than half that money was earmarked for later-stage deals. “You’re now seeing Australian scale-ups regularly raising rounds of $20 million and more, so it doesn’t take much f…
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